Can I use the homestead exemption if I am the only person living in my home?
Question Details:
I was a single parent. 3 of my children moved to this house with me 9 years ago. I have owned the house for 7 years. My children grew up and moved out when they became adults. Can I still claim the homestead exemption to protect the equity in my home when I file bankruptcy in NE?
First, it depends on the laws of whatever state's exemption laws apply in your case (which is most likely Nebraska). Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.
That having been said, I don't see why you wouldn't be able to declare a homestead exemption in the house as long as you're residing in the house when you file your bankruptcy case.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
